- The company is one of the largest Portuguese private healthcare operators
- It seeks to diversify its funding sources with the entry of new investors
- This is the first commercial paper programme by a Portuguese issuer in this Fixed Income market of BME
MARF, BME’s Fixed Income market, today registered a new commercial paper (CP) programme from Portuguese private healthcare company José de Mello Saúde (JMS), with a maximum outstanding balance of 50 million euros. Through this new financing tool, JMS will be able to issue – over a year and in a flexible manner- individual tranches of CPs to qualified investors with maturities of up to 397 days. The main objective of the company with the set-up of this programme is to expand its funding sources and continue to diversify its investor base.
This is the first commercial paper programme by a Portuguese issuer in this Fixed Income market of BME.
Bankinter has acted as Sole Lead Arranger of the Programme and will be Placement Entity for the CPs. The Payment Agent is Bankinter - Sucursal em Portugal - while VGM Advisory Partners is the Registered Advisor of JMS in MARF. The Portuguese law firm Vieria de Almeida & Associados has advised the issuer in connection with the establishment of the commercial paper programme on MARF.
JMS is one of the main private healthcare groups in Portugal with more than 8,000 employees. It was established in 1945 with the opening of CUF Infante Santo Hospital in Lisbon. Today it manages eight private hospitals, two public-private partnerships and nine clinics. Besides, together with the scientific community, major universities and its own doctors it develops joint educational, training and research programs. The Group reported revenues of 637.4 million euros in 2017 and EBITDA of 72 million.